A hedge fund with net asset value of $62 per share currently has a high water mark of $66. Suppose it is January 1, the standard deviation of the funds annual returns is 50%, and the risk-free rate is 4%. The fund has an incentive fee of 20%.

d. Recalculate the incentive fee value for part (b) now assuming that an increase in fund leverage increases volatility to 60%. (Do not round intermediate calculations. Round your answer to 2 decimal places.)